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GP Profile: Advent International

Unquote's In Profile series
Recent investments for the firm include V Group, Integer.pl, Brammer, ATI Physical Therapy and Inventiv Health
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  • Buyout and growth equity focus
  • 180-strong investment team
  • Focus on five sectors
  • 12 offices in 10 countries

Having held a $13bn final close for its latest buyout fund in March 2016, unquote" takes an in-depth look at Advent International, a firm that has made more than 325 investments to date

Click here to view a complete profile of Advent International, including details of funds, LPs and investments on unquote" data

When it comes to auction processes with big names up for sale, Advent is often involved. Most recently touted in the line-up to buy The Bodyshop, UK retail group Shop Direct and car rental company Goldencar, according to unquote" sister publication Debtwire, the GP is ubiquitous – having made 325 investments to date across 40 countries.

Advent International's investment activity

Since 1989, Advent has invested $33bn and, as of 31 December 2016, had $41bn in assets under management.

The GP divides its market into five sectors: business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecoms. Advent has been investing in each of its five core sectors for 26 years and has made an average of around 70 investments per sector worldwide.

Although Boston was the birthplace of Advent in 1984, it set up European operations, which have remained at its core, in 1989. Since inception, the GP has made 160 investments across western and central Europe from its offices in Frankfurt, London, Madrid and Paris.

Advent manages two main investment programmes, Global Private Equity (GPE) investing primarily in Europe, North America and selected markets globally including Asia, and Latin American Private Equity Fund (LAPEF) investing across Latin America.

Since 1989, Advent has invested $33bn and, as of 31 Dec 2016, had $41bn of assets under management

The GP has a plethora of funds to its name – both specialist and generalist, as well as region-specific and global. It is currently investing Advent GPE VIII, which it closed in March 2016 on $13bn.

Advent International's fundraising activity

GPE VIII is supported by a diverse base of institutional investors across the globe. The majority of the fund's capital commitments came from pension funds and sovereign wealth funds. The remaining commitments were split among endowments, foundations and family offices, funds-of-funds, insurance companies, banks and other financial institutions. Approximately 90% of the committed capital came from limited partners in Advent’s prior funds, with the remaining commitments provided by a select number of new investors.

Specialised funds have historically included a venture capital fund for media and communications as well as one on healthcare and life sciences. There are eight global private equity funds to date.

Since the beginning of 2016, the GPE programme has made a number of divestments, including Priory Group, Tinsa, Care Hospitals, Casa Reha, Equiniti, Corialis, Worldpay and DFS.

Investments since the beginning of 2016 for the GPE programme include V Group,  Integer.pl, Brammer, ATI Physical Therapy, Inventiv Health, Culligan International Group, Fort Dearborn, Quala, Mattress Firm, Ansira Holdings, CCC Information Services, Sovos Brands, Ask Investment managers, King Koil and Quest Global.

Industrial-bias
Across its global private equity funds, since 2014, Advent has made the most investments by value in the industrials sector, according to unquote" data, having completed 70 investments in 23 countries in the sector.

Examples in Europe from the last five years include Dutch lightweight process and conveyor belt company Ammeraal Beltech; the aforementioned repair and overhaul products and services company Brammer; Belgium-headquartered Corialis; Germany-based Allnex and Spanish firm Maxam.

Key People

• Jan Janshen, a managing partner in London, joined Advent in 2000 and co-ordinates the firm's efforts in the European industrial sector. He previously worked at 3i and helped set up the firm's Hamburg office. 
• James Brocklebank, a managing partner in London, joined Advent in 1997 and is responsible for the European business and financial services sector team. He previously worked at Baring Brothers and its affiliate Dillon Read & Co in New York.  
• Ralf Huep, a managing partner in Frankfurt, joined Advent in 1991 after working as a financial analyst at Veba and project manager in the M&A department of Continental.
• Chris Mruck, a managing partner in Prague, joined Advent in 1997 after working for 10 years in corporate and project finance, holding positions with the European Bank for Reconstruction & Development and Deutsche Bank.  
• Ronald Ayles, a managing partner in Frankfurt, joined Advent in London in 2005 and subsequently joined the Germany team in 2007. He is responsible for the GP's global chemicals and materials practice. He previously worked for 3i in London and Frankfurt.
• Ranjan Sen, managing partner in Frankfurt, joined Advent in 2003 and acts as an advisor in the German-speaking region. Prior to Advent, he worked for DB Capital Partners, the private equity arm of Deutsche Bank, where he focused on larger international buyouts with a particular emphasis on German companies.

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